Critical One Energy Receives Exploration Permit for Howells Lake Antimony-Gold Project

Rhea-AI Summary

Critical One Energy (OTCQB: MMTLF) received Ontario Exploration Permit PR-24-000227 for the Howells Lake Antimony-Gold Project on February 23, 2026. The permit enables an initial drilling program across ~25,000 hectares and a 30 km strike, aiming to test historical mineralization including a reported 1.7 million tons at 1.4% antimony.

The company says drilling will follow consultation with Eabametoong First Nation and use environmental best practices; historical data remain unverified under NI 43-101 and require confirmation.

Positive

• Exploration permit PR-24-000227 issued enabling drilling
• Large land package of approximately 25,000 hectares
• Extensive strike length of ~30 km in proven greenstone belt
• Planned initial drilling to delineate resource potential

Negative

• Historical resource of 1.7 million tons at 1.4% antimony is unverified
• Historical assays reported downhole; true widths unknown
• Qualified Person has not confirmed resource under NI 43-101
• Historical grades and intervals require replication with new drilling

Toronto, Ontario--(Newsfile Corp. - February 23, 2026) - Critical One Energy Inc. (CSE: CRTL) (OTCQB: MMTLF) (FSE: 4EF) ("Critical One" or the "Company"), a leading Canadian mining exploration company focused on critical metals and minerals, is pleased to announce that the Ontario Ministry of Energy and Mines has issued an Exploration Permit, PR-24-000227, for its Howells Lake Antimony-Gold Project ("Howells Lake Project") located in the Thunder Bay Mining District of Ontario. Located approximately 120 kilometres (km) west of the Ring of Fire, Ontario's multi-billion-dollar infrastructure development, this project is strategically positioned to contribute to Canada's critical minerals strategy, reducing reliance on foreign supplies amid growing global demand and constrained supply.

The Howells Lake Project encompasses a promising mineral deposit with historical indications of high-grade antimony and antimony-gold mineralized zones, plus unlimited exploration upside for new discoveries. With the drilling permit now in hand, Critical One plans to commence an initial drilling program shortly to further delineate the resource potential proximal to the historic discovery and advance the project toward a feasibility study.

"We are thrilled with this approval, which underscores our commitment to responsible exploration and development," said Duane Parnham, Founder, Executive Chairman and CEO of Critical One. "This is a significant milestone that demonstrates the government's confidence in our project's viability and our team's expertise. We remain deeply respectful of the Eabametoong First Nation (EFN) and are grateful for their collaboration through the consultation process, which ensures that our activities align with community values, environmental stewardship and mutual partnership."

The Company has prioritized environmental sustainability and community engagement throughout the permitting process. The drilling program will incorporate best practices for minimal impact, including comprehensive monitoring and consultation with EFN in the spirit of the agreed terms.

The Howells Lake Project represents one of Canada's largest known undeveloped antimony systems, with a historical resource of 1.7 million tons at a grade of 1.4% antimony with associated gold mineralization (Themistocleous, 1980)*. Historical drilling has returned grades that include individual assays up to 75% antimony and over 14 g/t gold, as well as intervals such as 5.37% antimony over 8.35 metres and associations with high-grade gold. The project spans an extensive land package of approximately 25,000 hectares across a 30 km strike in a proven greenstone belt, positioning it as a key asset in addressing North America's growing demand for critical minerals amid supply chain constraints and elevated antimony prices.

*Note: All geological and assay information contained in this document is historical in nature and the Qualified Person ("QP") responsible for the technical disclosure in this release is unable to determine if any of that data would meet current NI 43-101 regulations regarding disclosure of scientific and technical information. Additionally, the QP has not done sufficient work to make the resource current. The historical resource uses "Inferred + Speculated" categories which are not comparable to or compliant with CIM definitions of resources. Drill intersections in the historical report are reported as downhole intervals and no true width could be determined at this time. Historical grades will need to be replicated and expanded upon with new drilling where uniform and dense drill intercepts, a defined orientation and size to the ore body, and cut-off grades, are to be established to meet modern resource standards. The information in the data recovered is considered of value and relevant to the Company's project. However, the Issuer is not treating the estimate as current.

References:

Themistocleous, S.G., 1980. Miminiska Lake Project, Northwestern Ontario, Geological Report, New Jersey Zinc Exploration Company (Canada) Ltd.

Qualified Person

Matthew Trenkler, P.Geo. and Chief Geological Officer, Critical One Energy Inc., a Qualified Person ("QP") under NI 43-101, has reviewed and approved the scientific and technical content of this news release. All technical information in this release pertaining to geology and assays is based on historical data that cannot be verified by the QP.

About Critical One Energy Inc.

Critical One Energy Inc. is a forward-focused critical minerals and upstream energy company, powering the future of clean energy and advanced technologies. The Howells Lake Antimony-Gold Project focuses the Company's exposure on antimony, one of the most in-demand critical minerals, as well as gold, which is known to occur at numerous locations on the Howells Lake Project. Backed by seasoned management expertise and prime resource assets, Critical One is strategically positioned to meet the rising global demand for critical minerals and metals. Its mine exploration portfolio is led by antimony-gold exploration potential in Canada and uranium investment interests in Namibia, Africa. By leveraging its technical, managerial, and financial expertise, the Company upgrades and creates high-value projects, thereby driving growth and delivering value to its shareholders.

Additional information about Critical One Energy Inc. can be found at criticaloneenergy.com and on the Company's SEDAR+ profile at www.sedarplus.ca.

For further information, please contact:

Duane Parnham
Executive Chairman & CEO
Critical One Energy Inc.
+1 (416) 489-0092
ir@criticaloneenergy.com

Media inquiries:

Adam Bello
Manager, Media & Analyst Relations
Primoris Group Inc.
+1 (416) 489-0092
media@primorisgroup.com

Neither the Canadian Securities Exchange nor CIRO accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may", "will", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions, and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy. Forward-looking information contained in this press release includes, but is not limited to, statements relating to the Company's business strategy and objectives.

Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, that: the Company will have the resources required in order to conduct its business as currently operated.

However, forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by such forward-looking statements. Such risks include, but are not limited to, risks relating to the mining industry in general, and other risks as described in the Company's continuous disclosure record on SEDAR+.

Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and are based on the beliefs, estimates, expectations, and opinions of management on such date. The Company does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required under applicable securities law. Readers are cautioned to consider these and other factors, uncertainties, and potential events carefully and not to put undue reliance on forward-looking information.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/284893

FAQ

What permit did Critical One Energy (MMTLF) receive for Howells Lake on February 23, 2026?

They received Exploration Permit PR-24-000227, allowing drilling and exploration activities on the project land package. According to the company, the permit clears regulatory steps to begin an initial drilling program following community consultation and environmental planning.

How large is the Howells Lake project that Critical One (MMTLF) will drill in 2026?

The project covers approximately 25,000 hectares across a ~30 km strike length. According to the company, this land package sits in a proven greenstone belt with historical antimony-gold mineralization and room for new discoveries.

What historical resource figures are cited for Howells Lake in Critical One's announcement?

The release cites a historical estimate of 1.7 million tons at 1.4% antimony, noted as historical and unverified. According to the company, the Qualified Person has not validated these figures to NI 43-101 standards and further drilling is required.

Will Critical One (MMTLF) start drilling immediately after the permit for Howells Lake?

The company plans to commence an initial drilling program shortly following permit issuance and consultations. According to the company, drilling will incorporate best practices, monitoring, and coordination with Eabametoong First Nation under agreed consultation terms.

Are the historical assays and high-grade intercepts at Howells Lake NI 43-101 compliant?

No, historical assays and reported high grades are not NI 43-101 compliant and remain unverified. According to the company, the QP could not confirm the data and said new work is needed to meet current resource disclosure standards.

What community and environmental steps has Critical One (MMTLF) committed to for Howells Lake?

Critical One says it prioritized environmental sustainability and consultation with Eabametoong First Nation for the drilling program. According to the company, activities will follow agreed terms, include monitoring, and apply best practices to minimize environmental impact.